BlackRock Debuts Private Bitcoin Trust Giving Wealthy Clients Direct Access to Bitcoin

The world’s largest asset manager just launched a private trust that tracks the performance of Bitcoin (BTC) for wealthy clients.

In a statement, BlackRock says that the spot Bitcoin private trust will cater to institutional clients in the United States.

The financial titan rolls out the new product as it aims to expand its investment opportunity offerings.

BlackRock says that its clients in crypto are primarily interested in Bitcoin. The firm also commends organizations such as the Rocky Mountain Institute (RMI) and Energy Web (EWT) that help address the king coin’s energy sustainability issue.

The firm, which currently holds $10 trillion in assets under management (AUM), is pursuing crypto projects amid a bear market that saw Bitcoin plunge to less than a third of its all-time high.

“Despite the steep downturn in the digital asset market, we are still seeing substantial interest from some institutional clients in how to efficiently and cost-effectively access these assets using our technology and product capabilities.”

The company recently teamed up with US-based crypto exchange Coinbase to help wealthy investors manage and trade BTC.

“Leveraging Coinbase’s comprehensive trading, custody, prime brokerage and reporting capabilities, common clients will be able to manage their bitcoin exposures alongside their public and private investments.”

According to ARK Invest founder Cathie Wood, BlackRock’s foray into the crypto space could potentially double the price of Bitcoin.

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/eliahinsomnia